<SEC-DOCUMENT>0001157523-12-001048.txt : 20120227
<SEC-HEADER>0001157523-12-001048.hdr.sgml : 20120227
<ACCEPTANCE-DATETIME>20120227084014
ACCESSION NUMBER:		0001157523-12-001048
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120227
DATE AS OF CHANGE:		20120227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREX CO INC
		CENTRAL INDEX KEY:			0001069878
		STANDARD INDUSTRIAL CLASSIFICATION:	LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
		IRS NUMBER:				541910453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14649
		FILM NUMBER:		12640234

	BUSINESS ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
		BUSINESS PHONE:		5405426300

	MAIL ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50181710.htm
<DESCRIPTION>TREX COMPANY, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 14pt"><b>UNITED&#160;STATES</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">WASHINGTON,
      DC &#160;20549</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">FORM 8-K</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT</font><br><font style="font-family: Times New Roman; font-size: 12pt">PURSUANT
      TO SECTION 13 OR 15(d) OF THE</font><br><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      EXCHANGE ACT OF 1934</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported): February 27, 2012</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <br>
      <u><font style="font-family: Times New Roman; font-size: 12pt">TREX
      COMPANY, INC.</font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Delaware
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            001-14649
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            54-1910453
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            160 Exeter Drive<br>Winchester, Virginia
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            22603-8605
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(ZIP
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: </font>(540) 542-6300
    </p>
    <p style="text-align: center">
      <br>
      <u>Not Applicable</u><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br>
    </p>
    <p>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <br>
      <br>
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      On February 27, 2012 Trex Company, Inc. issued a press release
      announcing financial results for the quarter and full year ended
      December 31, 2011.&#160;&#160;A copy of such press release is attached hereto as
      Exhibit 99.1 and incorporated herein by reference.<br><br><br>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      The information contained in this report on Form 8-K shall not be deemed
      to be filed for the purposes of Section 18 of the Securities Exchange
      Act of 1934 or otherwise subject to the liabilities of that Section.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d) Trex Company herewith files the following exhibit:<br><br><br>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 88%; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description of Exhibit</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 10%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 2%; text-align: left" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="bottom">
          Press release dated February 27, 2012
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
    <p>

    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            TREX COMPANY, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 25%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 5%; text-align: left" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 45%; text-align: left" valign="top">
          February 27, 2012
        </td>
        <td style="padding-left: 0.0px; width: 25%; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James E. Cline
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James E. Cline
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50181710ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Trex
      Company Announces Fourth-Quarter 2011 Results</b></font>
    </p>
    <ul style="text-align: center">
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>4Q
        2011 Sales Meet Forecast</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>1Q
        2012 Sales Forecast Revised Upward</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Warranty
        Reserve Increased</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Ends
        4Q 2011 with $41 Million in Cash</b></font></i>
      </li>
    </ul>
    <p>
      WINCHESTER, Va.--(BUSINESS WIRE)--February 27, 2012--Trex Company, Inc.
      (NYSE: TREX), the world&#8217;s largest manufacturer of wood-alternative
      decking and railing products, today announced financial results for the
      fourth quarter ended December 31, 2011.
    </p>
    <p>
      Net sales for the fourth quarter of 2011 totaled $51.5 million compared
      to net sales of $75.3 million for the 2010 fourth quarter. The Company
      reported a net loss of $18.3 million, or $1.18 per share, compared to a
      net loss of $0.5 million, or $0.03 per share, for the 2010 period.
      During the 2011 period, the Company recognized a $10.0 million increase
      to the Company&#8217;s warranty reserve for decking material manufactured at
      its Nevada plant prior to mid-2006. Before giving effect to this charge,
      the net loss was $8.3 million, or $0.54 per share. During the 2010
      period, the Company recognized $4.1 million of unusual charges. Before
      giving effect to these charges, net income for the 2010 period was $3.6
      million, or $0.23 per share.
    </p>
    <p>
      For the full year ended December 31, 2011, Trex Company reported net
      sales of $266.8 million compared to net sales of $317.7 million for
      2010. The Company reported a net loss of $11.6 million, or $0.75 per
      share, compared to a net loss of $10.1 million, or $0.66 per share, for
      2010. The 2011 results reflect the $10.0 million increase to the
      Company&#8217;s warranty reserve in the fourth quarter and a net $2.3 million
      non-cash benefit recognized in prior quarters. Before giving effect to
      these adjustments, net loss for 2011 totaled $3.9 million, or $0.25 per
      share. During 2010, the Company recognized a total of $21.3 million of
      unusual charges. Before giving effect to these charges, net income for
      2010 totaled $11.3 million, or $0.72 per share.
    </p>
    <p>
      Chairman, President and CEO Ronald W. Kaplan commented,<i> </i>&#8220;Our
      fourth-quarter sales were right in line with our guidance. While an
      announced price increase for Trex Transcend&#174; drove significant buying in
      the fourth quarter of 2010, this season we maintained pricing, with the
      result that more sales have shifted to the first quarter of 2012. To
      date, our early-buy sales program for 2012 has been progressing as
      planned and we are pleased with our performance so far this year.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;Our steady stream of new product launches has set the stage for a
      strong year for Trex. Initial response to our newest deck board Trex
      Enhance&#8482; &#8211; which fits in the middle of our &#8216;good, better, best&#8217; product
      platform strategy, offering Trex Transcend&#174; technology with some of
      Transcend&#8217;s performance features &#8211; has been robust. The Trex Transcend
      Porch Flooring &amp; Railing System we introduced last summer has given us
      an excellent entry into a whole new, $1 billion marketplace, and we
      believe it will be a strong contributor to our 2012 results. We continue
      to make progress with our international marketing efforts and our entry
      into the $2 billion sub-structure market through Trex Elevations&#8482;, our
      lightweight, easy-to-install deck framing, is gaining traction.
    </p>
    <p>
      &#8220;On the manufacturing side, we are continuing to drive productivity
      improvements, further enhancing the speed and quality of our execution.
      Since 2008, we have increased productivity by 17%, reaching an all-time
      high in 2011, and we are pursuing additional opportunities to improve
      manufacturing yields and line rates. Our balance sheet is also stronger
      than ever. We ended the year with $41.5 million in cash and last month
      completed a new senior secured credit facility that offers more
      favorable borrowing rates and a longer maturity, positioning us well to
      take advantage of future opportunities.
    </p>
    <p>
      &quot;With our ever-expanding array of products, continued drive to gain
      market share and a stabilizing economy, we expect 2012 to be a
      successful year for Trex. Based on the results to date of our early-buy
      sales program, we expect net sales for the first quarter of 2012 to
      total $90 million, an increase of approximately 30% from the 2011
      period. Accordingly, we will be ramping up production from Q4 2011
      levels.&#8221;
    </p>
    <p>
      Vice President and CFO James E. Cline added, &#8220;The increase to the
      warranty reserve reflects the additional visibility we have gained since
      the settlement of the class action suit and publication of the national
      settlement notice in 2009. Although the rate of new claims and actual
      cash expenditures declined significantly since 2009 &#8211; and we expect that
      decline to continue &#8211; we expect claims to continue for a longer period
      and the cost per claim to be slightly higher than previously
      anticipated, necessitating an adjustment to the warranty reserve.&#8221;
    </p>
    <p>
      <b>Fourth-Quarter 2011 Conference Call and Webcast Information</b>
    </p>
    <p>
      Trex will hold a conference call to discuss its fourth-quarter 2011
      results on Monday, February 27, 2012 at 10:00 a.m. ET. To participate in
      the live call by telephone, please dial 706-634-1218 and reference
      conference ID #46338941. A live webcast of the conference call will also
      be available in the Investor Relations section of the Trex Company
      website at <u>www.trex.com</u>. The call will also be simulcast at <u>www.streetevents.com</u>.
    </p>
    <p>
      For those who cannot listen to the live broadcast, the webcast will be
      available on Trex&#8217;s website for 30 days. A telephone replay of the call
      will also be available for seven days, beginning at approximately 1:00
      p.m. ET on Monday, February 27, 2012. To listen to the telephone replay,
      dial 404-537-3406 and enter conference ID #46338941.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The statements in this press release regarding the Company's expected
      future performance and condition constitute &quot;forward-looking statements&quot;
      within the meaning of Section 27A of the Securities Act of 1933 and
      Section 21E of the Securities Exchange Act of 1934. These statements are
      subject to risks and uncertainties that could cause the Company's actual
      operating results to differ materially. Such risks and uncertainties
      include the extent of market acceptance of the Company's products;<i> </i>the
      costs associated with the development and launch of new products and the
      market acceptance of such new products;<i> </i>the sensitivity of the
      Company's business to general economic conditions; the Company's ability
      to obtain raw materials at acceptable prices; the Company's ability to
      maintain product quality and product performance at an acceptable cost;
      the level of expenses associated with product replacement and consumer
      relations expenses related to product quality; and the highly
      competitive markets in which the Company operates. Documents filed with
      the Securities and Exchange Commission by the Company, including in
      particular its latest annual report on Form 10-K and quarterly reports
      on Form 10-Q, discuss some of the important factors that could cause the
      Company's actual results to differ materially from those expressed or
      implied in these forward-looking statements. The Company expressly
      disclaims any obligation to update or revise publicly any
      forward-looking statements, whether as a result of new information,
      future events or otherwise.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

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      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Pro-Forma Net Income and Related Earnings Per Share (EPS)</b>
    </p>
    <p>
      To supplement the condensed consolidated financial statements, which are
      prepared and presented in accordance with U.S. GAAP, the Company uses
      the following non-GAAP financial measures: net income on a pro-forma
      basis and related EPS. The presentation of this financial information is
      not intended to be considered in isolation or as a substitute for the
      financial information presented in accordance with GAAP.
    </p>
    <p>
      The Company defines net income on a pro-forma basis as net income before
      certain charges. The fourth quarter of 2011 includes a $10.0 million
      increase to the Company&#8217;s warranty reserve for decking material
      manufactured at its Nevada plant prior to mid-2006. During 2011, the
      Company also realized an accelerated non-cash charge of $0.3 million
      related to its repurchase of $5.6 million of its senior subordinated
      convertible notes due in July 2012<i> </i>and the favorable resolution
      of uncertain tax positions that positively impacted income taxes by $2.6
      million. During 2010, the Company recognized a total of $21.3 million of
      unusual charges related to its warranty reserve for decking material,
      joint venture for recycling waste polyethylene in Spain and supply
      contracts.
    </p>
    <p>
      The Company defines related EPS as net income on a pro-forma basis
      divided by the weighted average outstanding shares, on a fully diluted
      basis. The Company uses these pro-forma financial measures for financial
      and operational decision-making and as a means to evaluate
      period-to-period comparisons. The Company also believes that investors
      and analysts benefit from referring to these pro-forma financial
      measures in assessing the performance and expectations of the Company&#8217;s
      future performance.
    </p>
    <p>
      For more information on the reconciliation of GAAP and pro-forma
      financial terms, please see the two tables titled &#8220;Reconciliations of
      Pro-Forma Results of Operations Measures to the Nearest Comparable GAAP
      Measures Three Months Ended December 31, 2011&#8221; and &#8220;Reconciliations of
      Pro-Forma Results of Operations Measures to the Nearest Comparable GAAP
      Measures Twelve Months Ended December 31, 2011&#8221; at the end of this
      release.
    </p>
    <p>
      <b>About Trex Company</b>
    </p>
    <p>
      Trex Company is the world&#8217;s largest manufacturer of wood-alternative
      decking and railing, with more than 20 years of product experience.
      Stocked in more than 5,500 retail locations throughout the world, Trex<sup>&#174;</sup>
      outdoor living products offer a wide range of style options with fewer
      ongoing maintenance requirements than wood, as well as a truly
      environmentally responsible choice. For more information, visit trex.com.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="19">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="19">
          Condensed Consolidated Statements of Operations
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="19">
          (In thousands, except share and per share data)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="19">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Three Months Ended December 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Twelve Months Ended December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2011
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2010
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2011
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          51,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          75,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          266,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          317,690
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          52,514
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          56,720
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          203,998
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          244,875
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Gross profit (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,052
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          62,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          72,815
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          13,609
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          15,459
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          60,620
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          67,764
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income (loss) from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (14,661
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,093
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,171
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,051
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Interest expense, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          3,595
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          3,711
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          16,364
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          15,288
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Loss before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (18,256
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (618
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (14,193
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (10,237
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Benefit for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (106
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (2,605
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (171
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Net loss
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (18,255
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (512
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (11,588
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (10,066
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Basic loss per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (1.18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.03
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.66
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,433,931
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,209,016
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,388,456
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,187,028
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Diluted loss per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (1.18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.03
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          (0.66
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,433,931
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,209,016
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,388,456
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          15,187,028
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          Condensed Consolidated Balance Sheets
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          (In thousands, except share data)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="3">
          31-Dec-11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="3">
          31-Dec-10
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          ASSETS
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27,270
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Restricted cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          37,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,192
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          53,332
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,021
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,539
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          70
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,004
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          102,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          112,236
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Property, plant and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          115,212
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          126,857
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,558
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,837
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top" colspan="2">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          266
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,885
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          228,090
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          247,815
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          LIABILITIES AND STOCKHOLDERS&#8217; EQUITY
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,107
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          16,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,479
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accrued warranty
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,003
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          86,425
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          590
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          120,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          46,179
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,819
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,614
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accrued taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          60
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,126
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Non-current accrued warranty
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,469
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt-related derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          312
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt, net of current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          84,193
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,739
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          135,591
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          144,893
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Stockholders&#8217; equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Preferred stock, $0.01 par value, 3,000,000 shares authorized; none
          issued and outstanding
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $0.01 par value, 40,000,000 shares authorized;
            15,602,132 and 15,458,002 shares issued
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            and outstanding at December 31, 2011 and December 31, 2010,
            respectively
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          155
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          99,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          98,905
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (184
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Retained earnings (deficit)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (7,542
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          4,046
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          92,499
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          102,922
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 45.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          228,090
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          247,815
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          Condensed Consolidated Statements of Cash Flows
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          (In thousands)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="9">
          Twelve Months Ended December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="3">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          OPERATING ACTIVITIES
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net loss
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (11,588
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (10,066
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,937
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other non-cash charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,643
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,488
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Changes in operating assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          12,084
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (5,365
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          33,847
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          18,994
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          INVESTING ACTIVITIES
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (9,367
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (9,773
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          FINANCING ACTIVITIES
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (47,224
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (1,465
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (22,744
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,756
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          27,270
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          19,514
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          4,526
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          27,270
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Trex Company, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Reconciliations of Pro-Forma Results of Operations Measures to
          the Nearest Comparable GAAP Measures</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Three Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>(amounts in 000's except for diluted earnings (loss) per common
          share)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="8">
          <b>2010 Reconciliation</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="8">
          <b>2011 Reconciliation</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>GAAP</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>GAAP</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Adjustments<sup>(1)</sup></b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Adjustments<sup>(2)</sup></b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2011</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $75,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $75,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $51,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $51,462
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $56,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($4,117
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $52,603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $52,514
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($9,976
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $42,538
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Gross Profit</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$18,552</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$4,117</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$22,669</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($1,052</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$9,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$8,924</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i><b>% of Net sales</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>24.6</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>5.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>30.1</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-2.0</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>19.4</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>17.3</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          SG&amp;A Expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $15,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $15,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $13,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $13,609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i>% of Net sales</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>20.5</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>0.0</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>20.5</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>26.4</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>0.0</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>26.4</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Interest expense, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $3,711
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $3,711
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $3,595
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $3,595
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Income (loss) before income taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($618</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$4,117</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$3,499</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($18,256</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$9,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($8,280</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($106
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($106
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($512</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$4,117</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$3,605</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($18,255</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$9,976</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($8,279</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i><b>% of Net sales</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-0.7</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>5.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>4.8</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-35.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>19.4</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-16.1</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Diluted earnings (loss) per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($0.03
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0.26
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0.23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($1.18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0.66
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($0.54
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      (1) 2010 Pro-Forma Adjustments include a $5.2MM increase to a previously
      established warranty reserve (Cost of sales) partially offset by a
      $1.1MM reduction to previously established charges related to a supply
      contract (Cost of sales).
    </p>
    <p>
      (2) 2011 Pro-Forma Adjustments include a $10.0MM increase to a
      previously established warranty reserve.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Trex Company, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Reconciliations of Pro-Forma Results of Operations Measures to
          the Nearest Comparable GAAP Measures</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="21">
          <b>(amounts in 000's except for diluted earnings (loss) per common
          share)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="8">
          <b>2010 Reconciliation</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="8">
          <b>2011 Reconciliation</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>GAAP</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>GAAP</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Pro-Forma</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Adjustments<sup>(1)</sup></b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Adjustments<sup>(2)</sup></b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>2011</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $317,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $317,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $266,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $266,789
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $244,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($18,924
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $225,951
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $203,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($9,976
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $194,022
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Gross Profit</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$72,815</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$18,924</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$91,739</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$62,791</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$9,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$72,767</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i><b>% of Net sales</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>22.9</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>6.0</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>28.9</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>23.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>3.7</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>27.3</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          SG&amp;A Expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $67,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($2,405
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $65,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $60,620
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $60,620
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i>% of Net sales</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>21.3</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-0.8</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>20.6</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>22.7</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>0.0</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>22.7</i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Interest expense, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $15,288
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $15,288
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $16,364
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($324
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $16,040
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Income (loss) before income taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($10,237</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$21,329</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$11,092</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($14,193</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>$10,300</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>($3,893</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($171
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($171
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          ($2,605
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $2,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $11
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($10,066</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$21,329</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$11,263</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($11,588</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>$7,684</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          <b>($3,904</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <i><b>% of Net sales</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-3.2</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>6.7</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>3.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-4.3</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>2.9</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i><b>-1.5</b></i>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <i><b>%</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Diluted earnings (loss) per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($0.66
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $1.38
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0.72
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($0.75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $0.50
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          ($0.25
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
    </table>
    </div>
    <p>
      (1) 2010 Pro-Forma Adjustments include a $15.0MM increase to a
      previously established warranty reserve (Cost of sales), $3.9MM of
      charges related to supply contracts (Cost of sales), and a $2.4MM charge
      related to our joint venture in Spain (SG&amp;A expenses).
    </p>
    <p>
      (2) 2011 Pro-Forma Adjustments include a $10.0MM increase to a
      previously established warranty reserve (Cost of sales), a $0.3MM charge
      to interest expense and related $42 thousand income tax credit due to
      the non-cash acceleration of interest charges related to the $5.6MM
      repurchase of convertible notes, and a $2.6MM income tax benefit.
    </p>
    <p>
      CONTACT:<br>Trex Company, Inc.<br>James Cline, 540-542-6300<br>Chief
      Financial Officer<br>or<br>LHA<br>Harriet Fried, 212-838-3777
    </p>
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</SEC-DOCUMENT>
